Risk off Sentiment Pays, Gold Hit Take Proft – What’s Next? - Forex News by FX Leaders

Risk off Sentiment Pays, Gold Hit Take Proft – What’s Next?

Posted Tuesday, October 23, 2018 by
Arslan Butt • 1 min read

GOLD prices are skyrocketing this morning as Asian stock markets plunged dramatically amid escalating geopolitical tensions over the murder of journalist Jamal Khashoggi and anxieties over Italy’s budget. So, that’s something which has triggered the safe haven appeal and we managed to catch green pips today. Are you up for another trade?

Technically, gold is facing a strong horizontal trendline resistance at $1,231 along with a support near $1,229. While the 20 and 50 – periods EMA is also suggesting a bullish bias of investors.

Today, the violation of $1,231 resistance on the upper side can lead gold prices towards $1,237. Whereas below $1,231, the market can stay bearish until $1,229 and $1,227.

Gold – XAU/USD – Trade Idea
The idea is to stay bullish above $1,226 with a stop near $1,223 and an open take profit to capture 50/60 pips. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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